Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part A

Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part A


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Product Details

ISBN-13: 9780857242051
Publisher: Emerald Group Publishing Limited
Publication date: 07/14/2010
Series: Research in the Sociology of Organizations , #30
Pages: 348
Product dimensions: 6.10(w) x 9.10(h) x 1.30(d)

Table of Contents

List of Contributors ix

Advisory Board xiii

Acknowledgments xv

Part A Introduction to the Special Two-Volume Set

Markets on Trial: Toward a Policy-Oriented Economic Sociology Michael Lounsbury Paul M. Hirsch 5

Section I The Financial Crisis and Its Unfolding

The Anatomy of the Mortgage Securitization Crisis Neil Fligstein Adam Goldstein 29

The Structure of Confidence and the Collapse of Lehman Brothers Richard Swedberg 71

The Role of Ratings in the Subprime Mortgage Crisis: The Art of Corporate and the Science of Consumer Credit Rating Akos Rona-Tas Stefanie Hiss 115

Knowledge And Liquidity: Institutional and Cognitive Foundations of the Subprime Crisis Bruce G. Carruthers 157

Terminal Isomorphism and the Self-Destructive Potential of Success: Lessons From Subprime Mortgage Origination and Securitization Jo-Ellen Pozner Mary Kate Stimmler Paul M. Hirsch 183

Section II The Normal Accident Perspective

A Normal Accident Analysis of the Mortgage Meltdown Donald Palmer Michael Maher 219

The Global Crisis of 2007-2009: Markets, Politics, and Organizations Mauro F. Guillén Sandra L. Suárez 257

Regulating or Redesigning Finance" Market Architectures, Normal Accidents, and Dilemmas of Regulatory Reform Marc Schneiberg Tim Bartley 281

The Meltdown Was Not an Accident Charles Perrow 309

Part B Introduction to the Special Two-Volume Set

Markets On Trial: Toward a Policy-Oriented Economic Sociology Michael Lounsbury Paul M. Hirsch 5

Section III Historical Origins of the U.S. Financial Crisis

The Misapplication of Mr. Michael Jensen: How Agency Theory Brought Down The Economy and Why It Might Again Frank Dobbin Jiwook Jung 29

Neoliberalism in Crisis: Regulatory Roots of the U.S. Financial Meltdown John L. Campbell 65

The American Corporate Elite and the Historical Roots of the Financial Crisis of 2008 Mark s. Mizruchi 103

The Political Economy of Financial Exuberance Greta R. Krippner 141

Section IV Crisis Production: Speculative Bubbles and Business Cycles

The Institutional Embeddedness of Market Failure: Why Speculative Bubbles Still Occur Mitchel Y. Abolafia 177

The Social Construction of Causality: The Effects of Institutional Myths on Financial Regulation Anna Rubtsova Rich DeJordy Mary Ann Glynn Mayer Zald 201

Mesoeconomics: Business Cycles, Entrepreneurship, And Economic Crisis In Commercial Building Markets Thomas D. Beamish Nicole Woolsey Biggart 245

Section V Comparative Institutional Dynamics

Through The Looking Glass: Inefficient Deregulation in the United States and Efficient State Ownership in China Doug Guthrie David Slocum 283

Precedence For the Unprecedented: A Comparative Institutionalist View of the Financial Crisis Gerald A. McDermott 313

Section VI A Future Society and Economy

After the Ownership Society: Another World is Possible Gerald F. Davis 331

Section VII Postscripts

What If We Had Been in Charge" The Sociologist as Builder of Rational Institutions Ezra W. Zuckerman 359

The Future of Economics, New Circuits For Capital, and Re-Envisioning the Relation of State and Market Fred Block 379

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